In Hungary, they will plant crypto traders for illegal trade

Hungarian cryptraduers who sell cryptocurrency on platforms that have not received a license of a local regulator are threatened with a prison term of up to five years.

Hungary adopted a new law that introduces responsibility for the circulation of cryptocurrencies on unauthorized platforms. The punishment threatens not only platform operators, but also users

Hungary is fighting the illegal turnover of crypts

From July 1, the law that changed the Criminal Code entered into force in Hungary. Now, for transactions on unauthorized crypto platforms, you can get a prison term. Local media write that the law can affect about 500,000 people in Hungary, who legally purchased crypto assets.

Fines depend on the amount of the transaction:

• up to 50 million forints (about $ 146,000) – up to 2 years in prison

• from 50 million to 500 million forints (about $ 1.46 million) – up to 3 years in prison

• Over 500 million forints – up to 5 years in prison

• Services for illegal exchanges – up to 8 years in prison

“Anyone who exchange crypto acts for large amounts, violating the law on verification, can receive up to three years in prison. If the amount is especially large, the term increases to five years. And for especially significant amounts – up to eight years, ”the document says.

Many cryptocurrencies in Hungary do not understand how the law will be applied, and fear criminal punishments. The Hungarian financial supervision department (SZTFH) received 60 days to develop the rules for compliance with a new law. Until that time, confusion will probably remain.

Crypto companies can leave Hungary

The market reacted instantly. Revolut, the well-known fintech platform, suspended cryptocurrency services for Hungarian customers after the adoption of the law.

“Due to recent changes in Hungarian legislation, we are forced to suspend all cryptocurrency services for our customers in Hungary,” the statement said.

Portfolio reported on Monday: Revolut again allowed to withdraw cryptocurrency. However, the full restoration of services is still in question due to the expectation of regulatory explanations.

Earlier in Uzbekistan, they offered to put to prison those who “slip a hamster.”

Be in the know! Subscribe to Telegram.

Source: Cryptocurrency

You may also like